Kainos Group PLC · LSE:KNOS
Kainos — CIMA webinar: Embracing AI and ML to transform finance and planning (2024)
25 slides from Kainos's conference presentation, Aug 15, 2024
Slide 1: Embracing AI and ML to transform finance and planning
Embracing AI and ML to transform finance and planning
Slide 2: Webinar Housekeeping
Webinar Housekeeping • Audio for attendees is muted • Your views are important - please engage with the polls • Please raise any speaker questions by using the Q&A function • We will send all attendees a link to the recording and assets. 2
Slide 3: Agenda
Agenda • Scene set • Expert Panel Insights • Audience Q&A 3
Slide 4: AI / ML – shaping finance transformation
AI / ML – shaping finance transformation 4
Slide 5: Embracing AI/ML from the top down
Embracing AI/ML from the top down The urgent appreciation of how AI and ML can amplify human potential and drive competitive advantage is inspiring its adoption from the top-down: 98% of global CEOs believe they would benefit from AI/ML But... 49% say that their organisation is currently unprepared
Slide 6: Finance leader view – current readiness
Finance leader view – current readiness 47% 33% 30% 70% of finance teams yet to begin piloting AI so slow to adopt of finance leaders say their departments are the least prepared for AI don’t think their employees have the technical skills to work of Digital integration effectively with it. Transfor
Slide 7: Empowering the future of finance - insights
Empowering the future of finance - insights Finance is sometimes seen as a rear looking activity with a lot of manual processes and analysis of data - AI/ML has the power to change that! 70% 90% of CFOs plan to increase spend on AI this year^ 33% of finance leaders see immediate value in supporting
Slide 8: Expert panel insights
Expert panel insights
Slide 9: Our expert speakers
Our expert speakers Mark Alexander Noemi Dani Workday Financials Principal Solutions Director - EMEA Consultant oCFO Kainos Workday EMEA Gareth Workman Roselle Clarke Chief AI Officer Senior Finance Analyst Kainos Shell Energy UK 9
Slide 10: Poll #1
Poll #1 What do you think will be the main impacts of AI/ML on the finance function in the next 12-18 months? <Multi choice> • Enhanced finance business partnering • Increased responsiveness • Increased operational efficiency • Reduced or reshaped headcount • Improved controls & risk management 10
Slide 11: Impacts of AI/ML on the finance function and FP&A
Impacts of AI/ML on the finance function and FP&A 11
Slide 12: Poll #2
Poll #2 What do you see as the biggest potential opportunities and benefits of using AI/ML to transform finance/FP&A? <Multi choice> • Automation of tasks and reporting (of repetitive time-consuming tasks) • Predictive analytics and improved forecasting • Strategic insights and increased speed of sc
Slide 13: Biggest opportunities to use AI/ML to transform Finance/Finance Planning
Biggest opportunities to use AI/ML to transform Finance/Finance Planning 13
Slide 14: Poll #3
Poll #3 What would you see as the biggest risks/challenges when it comes to using AI/ML for finance activities (including FP&A)? <Mutli choice> • Data quality and reliability • Data privacy • Logic errors • Costs and resources to support (including training) • Black box modelling / over reliance on
Slide 15: Biggest risks/challenges in using AI/ML for finance and planning
Biggest risks/challenges in using AI/ML for finance and planning 15
Slide 16: How do you ensure successful AI/ML adoption and measure that success
How do you ensure successful AI/ML adoption and measure that success 16
Slide 17: Q&A
Q&A 17
Slide 18: Thank you!
Thank you! Want to find out more about how Kainos can help transform your planning? Visit – www.kainos.com/adaptive 18
Slide 19: Slide 19
Slide 20: Appendix - Additional insights
Appendix - Additional insights 20
Slide 21: Opportunities and Challenges
Opportunities Challenges Predictive analytics Data quality & availability Strategic Insights Data privacy Data quality assurance Black box modelling Copilot interface Changing market conditions Task automation Logic errors Cost reduction Cost and resources 21
Slide 22: Revolutionising FP&A
Revolutionising FP&A Transforming from fixed yearly forecasts to dynamic AI-enhanced planning, FP&A teams are evolving with technology to offer strategic insights and adapt to future challenges. Before 2020, only 57% of companies ran daily, weekly, or monthly financial projections. Now, 80% do, aide
Slide 23: Automating transactional processes & reporting
Automating transactional processes & reporting More than 70% of finance leaders are automating transactional processes and reporting, according to Gartner – and pace of adoption is increasing: • By 2025, 70% of organizations will use data-lineage-enabling technologies, including graph analytics, ML,
Slide 24: AI and ML - Driving Better Financial Planning
AI and ML -Driving Better Financial Planning Use cases where AI and ML can add value to finance: • Plans That Continuously Adapt - Predictive Demand Forecasts • Improved, Automated Accuracy - Anomaly Detection and Outlier Reporting • Journey to Zero - Automating Toward a Real-Time Close • Streamlini
Slide 25: CIMA members poll view
CIMA members poll view Sources: Kainos / CIMA Member Unlocking the Power of Planning through technology webinar Dec 23 – 101 Finance Professionals 25
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